🔒Webster Financial shareholders approve Santander acquisition

Shareholders of Stamford-based Webster Financial Corp. have approved the company’s proposed $12.3 billion acquisition by Banco Santander, advancing one of the largest banking deals involving a Connecticut-based lender in recent years. The approval came during a special shareholder meeting held Tuesday, according to a securities filing submitted Wednesday. Webster said about 115.8 million shares were voted in favor of the transaction, compared with roughly 1.28 million shares against it. About 72% of eligible shares were represented at the meeting. Shareholders also approved, in a separate nonbinding advisory vote, compensation arrangements tied to the merger for certain Webster executives. Santander announced plans in February to acquire Webster in a cash-and-stock transaction that would significantly expand the Spanish banking giant’s U.S. footprint. Following the merger, the combined company is expected to hold about $327 billion in assets. The companies have previously said Webster CEO John Ciulla is expected to lead Santander Bank N.A., while several Webster executives are slated to remain in senior leadership roles after the deal closes. Santander also previously projected approximately $800 million in cost savings tied to the transaction through operational integration and consolidation efforts, raising concerns among some analysts about potential branch closures and job reductions. The acquisition still requires regulatory approvals and other customary closing conditions before it can be finalized.